In its income statement for the year ended December 31, 2022, Cullumber Company reported the following condensed data. Operating expenses $ 710,000 Interest revenue $ 23,000 Cost of goods sold 1,246,000 Loss on disposal of plant assets 7,000 Interest expense 60,000 Net sales 2,190,000 Income tax expense 35,000 Other comprehensive income (net of $1,200 tax) 7,300 (a) Prepare a multiple-step income statement.
In its income statement for the year ended December 31, 2022, Cullumber Company reported the following condensed data. Operating expenses $ 710,000 Interest revenue $ 23,000 Cost of goods sold 1,246,000 Loss on disposal of plant assets 7,000 Interest expense 60,000 Net sales 2,190,000 Income tax expense 35,000 Other comprehensive income (net of $1,200 tax) 7,300 (a) Prepare a multiple-step income statement.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
In its income statement for the year ended December 31, 2022, Cullumber Company reported the following condensed data.
|
Operating expenses
|
$ 710,000 |
Interest revenue
|
$ 23,000 | |||
|---|---|---|---|---|---|---|
|
Cost of goods sold
|
1,246,000 |
Loss on disposal of plant assets
|
7,000 | |||
|
Interest expense
|
60,000 |
Net sales
|
2,190,000 | |||
|
Income tax expense
|
35,000 |
Other comprehensive income (net of $1,200 tax)
|
7,300 |
(a)
Prepare a multiple-step income statement.
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